August 21, 2004

REFIGHTING THE OPIUM WARS:

China records first agricultural trade deficit (Business Day, 8/22/04)

China recorded its first-ever agricultural trade deficit in the first half of the year, casting doubts on its ability to remain a self-sufficient food producer, state press reported Friday.

The deficit came in at 3.73 billion dollars, the Ministry of Agriculture was cited as saying by the China Daily.

Agricultural officials said maintaining food surpluses China has enjoyed for years would likely no longer be possible due to the country's opening to foreign competition under its World Trade Organisation (WTO) obligations.


That's an unusual economic model they're running.

Posted by Orrin Judd at August 21, 2004 6:34 PM
Comments

When they start importing rice, then we'll know the worm really has turned.

Posted by: jim hamlen at August 22, 2004 12:17 AM

Hogwash. Now that they have a diet that includes more items than rice, wheat and cabbage, of course their imports exceed their exports.

This is a sign of their prosperity, at least in some of the cities.

The interesting number would be caloric intake. I don't know what it is, but I'll guarantee it's not down.

Posted by: Harry Eagar at August 22, 2004 3:31 PM

As they are running an overall trade surplus, they can afford it. We are the ones who cannot afford our imports, as we have to borrow ever increasing amounts of money to purchase them.

Posted by: Robert Duquette at August 23, 2004 11:46 AM

Robert:

I paid cash for my Toyota.

Posted by: ratbert at August 23, 2004 2:32 PM

Good for you Ratbert. Most Americans finance their car purchases.

Posted by: Robert Duquette at August 23, 2004 3:22 PM

Robert:

We borrow money from them to buy their goods and pay them back 2%. We invest our own money and make 6%. I like our odds.,

Posted by: oj at August 23, 2004 9:28 PM
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